account debited or credited (asset, liability, shareholders' equity); (2) the ebited or credited; and (3) whether the specific account is increased or decreased to record this transaction. Use nat. (Enter specific accounts in alphabetical order.) Rejuvenate Corp., which restores vintage furniture, had the following selected transactions during the month of October: Oct. 1 Received cash of $5,000 in exchange for 5,000 common shares. 2 Paid $780 for one year insurance policy effective October 1. 7 Purchased equipment for $2,500. The company paid cash of $1,000 and the balance was due in 15 days. 11 Earned $600 on account for furniture restoration services provided to customers. 13 Received $5,000 from a customer to provide furniture restoration services that are expected to be completed over the next three months. 17 Paid $400 for equipment maintenance. 19 Purchased furniture wax for $750 on account. (Hint: Use the Supplies account.) 22 Paid balance owing on purchase of equipment on October 7. 23 Paid salaries to employees of $1,700. 26 Signed a $10,000 bank loan plus 12% interest payable in six months. 28 Derlared and naid $200 of dividends to shareholders 20 /1 Asset Cash Revenue Accounts Receivable Decrease Increase v Decrease For each transaction, indicate (1) the basic type of account debited or credited (asset, liability, shareholders' equity); (2) the specific account debited or credited; and (3) whether the specific account is increased or decreased to record this transaction. Use the following format. (Enter specific accounts in alphabetical order.)